After serving as judge on The X Factor for two seasons, L.A. Reid has decided to quit the show. However, the record executive, who helped boost the careers of Avril Lavigne, Mariah Carey, Pink and Justin Bieber, revealed to Access Hollywood's Shaun Robinson that he's not leaving the show and his fellow judges on bad terms.

"I have decided that I will not return to The X Factor next year," L.A. Reid said. "I have to go back and I have a company to run that I've kind of neglected and it saddens me a little bit, but only a little bit."

According to Reid, who is the chairman and CEO of Epic Records, serving as a judge on The X Factor "was a nice break" from what he's done for the past two decades. Now, he wants to step away from the spotlight and focus on his musical performers.

"I have a huge responsibility to a roster of artists and it's kind of time for me to stop doing the 'me' show," he said.

Proving that there's no bad blood between him and boss and fellow judge Simon Cowell, Reid expressed his appreciation and gratefulness to the music mogul.

"I love Simon. We have a great relationship, we have fun together, we talk, we laugh, we do bad things, we're friends. I owe so much to Simon," he said. "I really have a lot [of] respect for him and I always will. I support him, I support the show and I'll always be in business with him."

While Reid is certain that he won't be coming back for season 3, he's not closing his door for a possible return on the show in the future.

"I'm not ruling ever coming back, but I'm definitely not coming back next year," he said. "I have a job to do and once I get some work done and get some momentum then maybe I'll revisit the idea a little later."

Meanwhile, Reid has already someone in mind to fill the vacancy in the judging panel.

"You know who I would love to see take it, and by the way I have nothing to do with it, but my choice would be like Jon Bon Jovi," he said. "That's who I would pick."

How do you feel about L.A. Reid's departure on The X Factor? Who would you pick as his replacement? Would you like to see Jon Bon Jovi as a judge on the show?